Haliey Welch, the internet personality known for the viral "Hawk Tuah" meme, is facing backlash after her newly launched cryptocurrency, Hawk, dramatically crashed in value hours after its release.
The Hawk coin reached a market capitalization of $490 million shortly after launching on the Solana blockchain but quickly lost over 95% of its value. This rapid decline has led to accusations of a "pump and dump" scheme, with critics, including YouTuber Coffeezilla (Stephen Findeisen), alleging that Ms. Welch and her team manipulated the price for personal profit.
Ms. Welch denies these allegations, stating on X (formerly Twitter) that her team hasn't sold any tokens and that no key opinion leaders received free tokens, despite previously distributing some to fans. However, community notes on her post contest this explanation, claiming her team has been selling since launch.
Scam Allegations and Responses
Coffeezilla accused Ms. Welch's team of misleading fans and profiting from a "rug pull." He claims insiders were given an unfair advantage and that the launch targeted inexperienced crypto investors. Ms. Welch attributed the price drop to "snipers" using automated tools to exploit price gaps.
The team behind the cryptocurrency, OverHere, also denied the allegations, emphasizing that "Haliey's Team has sold absolutely no tokens whatsoever."
Meme Coins and Influencer Backlash
Meme coins, like Hawk, have gained popularity due to their humorous and accessible nature. However, they carry similar risks to other cryptocurrencies, often lacking investor protections. Several celebrities and influencers have faced similar criticism for promoting crypto projects, including Kim Kardashian and Logan Paul.
Who is Haliey Welch?
The 22-year-old from Tennessee became an internet sensation after her "Hawk Tuah" video went viral. She has since gained a large following, launched merchandise, and started a podcast. Ms. Welch stated she launched the Hawk coin to combat impersonators selling fake coins and to create a way for her community to interact.
